Industrial survey shows sustained recovery, but wage growth sluggish

Key Economic Indicators:

• Wage Growth: The average wage per worker increased by 5.5% in 2022-23, a slowdown from the 10% rise in the previous year. This deceleration is attributed to both cyclical factors like macroeconomic uncertainties and inflation, as well as structural challenges in the labor market.
• Industrial Output: Industrial output experienced a notable growth of more than 20% in 2022-23, although this was a reduction from the 35% growth seen in 2021-22. This demonstrates recovery from the pandemic, but at a slower pace.
• Gross Value Added (GVA): The industry's GVA growth was 7.3% in 2022-23, down from 27% in the previous year. This reflects reduced pricing power across industries. The main drivers of GVA growth were the manufacturing of basic metals, petroleum products, food products, chemicals, and motor vehicles.
• Capital Investment: Factories increased their invested capital by 10.7% in 2022-23, up from 6.8% in the previous year. This shows sustained economic recovery post-pandemic.

Employment and Productivity:

• Job Growth: Employment in the industrial sector grew by 7.4% in 2022-23, compared to 7% in the previous year, indicating robust recovery in job creation. Total employment in factories increased to 18.5 million workers, from 17.2 million in 2021-22.
• Productivity: The output per worker saw slower growth at 13.1% in FY23, down from 25.3% in FY22, which suggests challenges in labor productivity despite increased employment.

Economic Overview:

• GDP Growth: Bangladesh's GDP grew at 7% in FY23, following 9.7% growth in FY22 and a contraction of -5.8% in FY21 due to the pandemic.
• Sectoral Contribution: The sectors that contributed most to GVA and industrial output were manufacturing, particularly in metals, chemicals, food products, and motor vehicles, accounting for 58% of total output.

Regional Analysis:

• Top States in GVA: Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh were the leading contributors to industrial GVA in FY23, representing more than 54% of total manufacturing output.
• Top States in Employment: The states with the highest employment were Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka, together accounting for 55% of total manufacturing employment in FY23.

In summary, Bangladesh's economy in 2022-23 showed a steady recovery from the pandemic, with growth in industrial output, employment, and capital investments. However, challenges remain in wage growth and labor productivity.

Source: https://www.financialexpress.com/policy/economy-industrial-survey-shows-sustained-recovery-but-wage-growth-sluggish-3626766

Question: Who is the current C.E.O of Niti Ayog?

1. Amitabh Kant
2. B.V.R Subarmanayam
3. Suman Bery
4. Narendra Modi

UK becomes the first major economy to stop burning coal for electricity, closing its last power plant

Britain's coal era is officially coming to an end with the closure of its last coal-fired power station, the Ratcliffe-on-Soar plant, marking a significant milestone in the nation’s transition to cleaner energy sources. This closure highlights Britain's efforts to move toward a more sustainable energy system.

Key Details:

• Date of Closure: The Ratcliffe-on-Soar station will close on Monday, after 142 years of coal-powered electricity generation in Britain.
• Plant History: This station, located in central England, opened in 1968 and is known for its iconic cooling towers and 650-foot chimney, visible from major transportation routes.
• Remaining Workforce: The 170 remaining employees will continue working on-site for the next two years, overseeing the plant’s decommissioning process.

Government’s Vision: The UK government celebrates the plant’s shutdown as a major achievement in its renewable energy goals. The country aims to generate all its energy from renewable sources by 2030, making it the first G7 country to phase out coal, although other European countries like Sweden and Belgium achieved this sooner.

Impact on Energy Sources:

• Shift from Coal to Renewables:
• In 1990, coal accounted for 80% of Britain’s electricity generation.
• By 2012, coal's contribution had dropped to 39%, and by 2023, it was down to just 1%.
• Over 50% of Britain's electricity now comes from renewable sources like wind and solar, with the remaining energy from natural gas and nuclear power.

Significance of the Closure:

• Transition Milestone: The Energy Minister, Michael Shanks, acknowledged the end of the coal era, noting the crucial role coal workers played in powering the country for over 140 years. He also highlighted the potential for new energy jobs in the renewable sector.
• Industry Perspective: According to Energy U.K.’s deputy chief executive, Dhara Vyas, the rapid decline in coal usage over the last decade has surpassed expectations. The transition from coal to low-carbon energy sources is seen as an extraordinary accomplishment.

Source: https://www.cnn.com/2024/09/30/climate/uk-coal-plant-end-fossil-fuels/index.html

Question: Which of the following country still uses coal to generate electricity?

1. Belgium
2. Sweden
3. UK
4. France